Financial Data and Key Metrics Changes - Net income for Q1 2025 was $50 million or $1 per diluted share, with adjusted net income at $40 million or $0.80 per diluted share, and adjusted EBITDA at $91 million, consistent with the previous quarter [5][15][6] - Total liquidity at the end of Q1 2025 was $673 million, including nearly $550 million of undrawn revolver capacity, with gross debt of over $600 million, resulting in a net loan to value of about 15% [6][20][21] Business Line Data and Key Metrics Changes - The lightering business generated over $8 million in revenue, contributing approximately $2 million in EBITDA for the quarter [17] - The company increased time charter exposure, securing a one-year time charter on a Suezmax vessel, expected to generate $295 million in fixed revenue over the next two years [8] Market Data and Key Metrics Changes - Oil production is projected to increase by over 1 million barrels per day in 2025 and 2026, with non-sanctioned OPEC plus countries reinforcing output increases, which supports VLCC trade [9][10] - OECD inventories have drawn down by 100 million barrels since August 2024, which has muted tanker markets in the short term [11] Company Strategy and Development Direction - The company aims to maintain a balanced capital allocation strategy, returning 75% of adjusted net income to shareholders through dividends, while also executing a repurchase program of up to $50 million [8][9] - The company is focused on renewing its fleet, with an average vessel age of about 10 years, and plans to capitalize on market conditions with a strong balance sheet [25][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the current geopolitical environment introduces uncertainty, but changes in tanker routing and increased demand for long-haul trades are supportive for the industry [11][12] - The company anticipates continued strong performance in the tanker market, with expectations of significant free cash flows in Q2 2025 [23][24] Other Important Information - The company has a strong financial position with cash and liquidity remaining robust at $673 million, and plans to repay debt while maintaining financial flexibility for growth [20][21] - The company has 34 unencumbered vessels and aims to keep its net debt under 15% of the fleet's current value [26] Q&A Session Summary Question: Financing for LR1s and undrawn capacity - Management is evaluating options for financing remaining installments for LR1s, with the undrawn revolver providing flexibility [29][31] Question: Impact of lease refinancing on breakeven - Refinancing the lease could reduce breakeven costs by several hundred dollars per day, with expectations of lower interest rates [32][35] Question: OPEC plus production impact on charters - Management indicated a lag in the impact of OPEC plus production increases on charter conversations, with expectations of increased listings in the next quarter [39][40] Question: Leverage targets - The company aims to maintain leverage levels broadly below 20%, with a current net loan to value below 15%, allowing for additional leverage when appropriate [41][42] Question: LR2 market outlook - Management discussed the aging profile of the LR2 fleet and the potential for older vessels to trade dirty, while modern vessels tend to trade clean [49][50] Question: Opportunities for fleet renewal - The company is actively seeking opportunities to lower the age of its fleet and remains vigilant in identifying potential acquisitions [61]

Financial Data and Key Metrics Changes - The company reported net revenue of over $1,100 million, an increase of just over 1% compared to the prior year [6] - Adjusted EPS reached $4.52, up approximately 7% year-over-year [7][23] - Total company gross margin was 55.8% for fiscal 2025, up 30 basis points from the prior year, with Q4 gross margin improving to approximately 57% [21] Business Line Data and Key Metrics Changes - North America segment revenues increased by 30 basis points, while international segment revenues grew by 6.4% [20] - The women's health category, particularly the Summer's Eve brand, showed stabilization and growth, marking the second consecutive quarter of year-over-year sales growth [6][20] - The GI category, led by brands like Dramamine and Fleet, continued to experience strong performance [6][20] Market Data and Key Metrics Changes - The international segment experienced growth in excess of 5%, driven by strong performance in Australia, particularly with the Hydralyte brand [20] - E-commerce sales grew at a double-digit rate, now representing high teens as a percentage of total sales [20] Company Strategy and Development Direction - The company emphasized a disciplined capital allocation strategy, focusing on M&A opportunities, share repurchases, and building cash reserves [26] - A multi-year pipeline of new product development is in place to ensure continuous innovation and meet consumer needs [13][15] - The company plans to leverage its diverse and predominantly domestic supplier base to navigate tariff impacts and inflationary pressures [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged heightened market volatility and consumer uncertainty due to tariffs and inflation, but expressed confidence in the company's ability to navigate these challenges [29][30] - For fiscal 2026, the company anticipates revenues between $1,000 million and $1,055 million, with organic growth forecasted at approximately 1% to 2% [32] Other Important Information - The company generated $243 million in free cash flow for fiscal 2025, up approximately 2% from the prior year [24] - The company plans to maintain a gross margin of approximately 56.5% for both fiscal 2026 and Q1 [21] Q&A Session Summary Question: Clarification on organic sales growth guidance - Management indicated that the guidance reflects macroeconomic uncertainties and the timing of e-commerce orders, which were pulled forward [36][37] Question: Recovery expectations for Clear Eyes - Management confirmed ongoing supply chain plans to expand capacity and expects a recovery in the second half of fiscal 2026 [40][41] Question: Outlook for women's health brands - Management expressed confidence in the growth potential of Summer's Eve and Monistat, supported by successful marketing and new product launches [46][48] Question: Capital allocation strategy and M&A opportunities - Management highlighted a balanced approach to capital allocation, focusing on M&A opportunities while also considering share repurchases [52][55] Question: Impact of consumer uncertainty on innovation and marketing - Management noted that needs-based categories tend to be resilient during economic uncertainty, and they will adapt marketing strategies to align with consumer preferences [60][62] Question: Tariff impacts and cost-saving measures - Management confirmed the $15 million tariff headwind and outlined plans to implement cost-saving measures while considering surgical pricing if necessary [64][66] Question: E-commerce growth internationally - Management stated that e-commerce growth remains primarily US-centric, with less growth observed in other markets [68] Question: Opportunities for domestic suppliers - Management is exploring opportunities for domestic sourcing to mitigate tariff impacts, particularly concerning products sourced from China [74][75] Question: Innovation pipeline and margin profile - Management indicated a steady impact from new products and emphasized that all innovations must be margin-accretive [77][79]

Financial Data and Key Metrics Changes - Acacia recorded total revenue of $124.4 million during the first quarter, a significant increase compared to the previous year [21] - The company reported first quarter GAAP operating income of $38.3 million, compared to a GAAP operating loss of $2.1 million in the same quarter last year [24] - GAAP net income attributable to Acacia was $24.3 million or $0.25 per share, compared to a net loss of $200,000 or $0 per share in the prior year period [25] Business Line Data and Key Metrics Changes - Energy operations generated $18.3 million in revenue for the quarter, compared to $1.9 million in the same quarter last year [21] - Manufacturing operations generated $28.5 million in revenue, while industrial operations generated $7.7 million, a slight decrease from $8.8 million in the same quarter last year [22] - Intellectual property operations generated $69.9 million in licensing and other revenue, compared to $13.6 million in the same quarter last year, primarily due to a large settlement [23] Market Data and Key Metrics Changes - The company has hedged over 70% of its production through the end of 2027, providing price protection and greater cash flow predictability [11] - Approximately 51% of Benchmark's last twelve months revenue and 78% of production was driven by gas and natural gas liquids, which have remained resilient despite recent market volatility [11] Company Strategy and Development Direction - Acacia's strategy focuses on acquiring and building businesses with stable long-term cash flow generation and scalability [6] - The company is actively exploring strategic acquisitions and organic growth initiatives across its verticals, particularly in energy and industrial sectors [28] - Management is evaluating opportunities in the mature technology sector, aiming to enhance the value of its intellectual property portfolio [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Acacia's resilience amid macroeconomic uncertainties and believes the current environment presents compelling opportunities [28] - The company is optimistic about the long-term growth potential of its Deflecto business and is implementing initiatives to optimize operations [15] - Management highlighted the importance of disciplined cost management and operational excellence in navigating volatile market conditions [16] Other Important Information - Total consolidated G&A expense was $17.3 million during the first quarter, an increase from $12.5 million in the same quarter last year, primarily due to the addition of Deflecto [23] - Cash, cash equivalents, and equity securities at fair value totaled $290 million as of March 31, 2025, compared to $297 million at December 31, 2024 [26] Q&A Session Summary Question: Can you detail the total winnings from the WiFi portfolio? - Management indicated that since Q1 2023, approximately $178 million has been generated from the WiFi assets, with more value expected in the portfolio [33] Question: Are you seeing prices coming down in M&A? - Management confirmed they are looking at opportunities in energy, industrials, and mature technology, with a focus on assets that can be improved through operational efficiencies [35][36] Question: What is the calculus on protecting tax attributes versus share buybacks? - Management completed a $20 million buyback and is monitoring tax attributes to determine the optimal time for further buybacks [41] Question: Will the recent settlement pressure the defendant in the $37 million judgment case to settle sooner? - Management expressed hope that the recent settlement would encourage a quicker resolution, but could not provide a definitive answer [50]

Financial Data and Key Metrics Changes - Acacia recorded total revenue of $124.4 million during the first quarter, a significant increase compared to the same quarter last year [21] - The company reported first quarter GAAP operating income of $38.3 million, compared to a GAAP operating loss of $2.1 million in the same quarter last year [23] - GAAP net income attributable to Acacia was $24.3 million or $0.25 per share, compared to a net loss of $0.2 million or $0 per share in the prior year period [24] - Adjusted net income attributable to Acacia was $33.1 million or $0.34 per share [24] - Cash, cash equivalents, and equity securities at fair value totaled $290 million as of March 31, 2025, compared to $297 million at December 31, 2024 [25] Business Line Data and Key Metrics Changes - Energy operations generated $18.3 million in revenue for the quarter, compared to $1.9 million in the same quarter of last year [21] - Manufacturing operations generated $28.5 million in revenue [21] - Industrial operations generated $7.7 million in revenue during the quarter, a slight decrease from $8.8 million in the same quarter last year [21] - Intellectual property operations generated $69.9 million in licensing and other revenue during the quarter, compared to $13.6 million in the same quarter last year [22] Market Data and Key Metrics Changes - Benchmark's energy segment has hedged over 70% of its production through the end of 2027, providing price protection and cash flow predictability [11] - Approximately 51% of Benchmark's last twelve months (LTM) revenue and 78% of LTM production was driven by gas and natural gas liquids, which have remained resilient [11] Company Strategy and Development Direction - The company focuses on acquiring and building businesses with stable long-term cash flow generation and scalability [6] - Acacia is actively evaluating strategic acquisitions and organic growth initiatives across its verticals [27] - The company is exploring avenues to monetize its Cherokee position and is monitoring attractive M&A targets due to recent oil price softness [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Acacia's resilience amid macroeconomic uncertainties and believes the current environment presents compelling opportunities [27] - The company is focused on disciplined cost management and operational excellence to navigate volatile periods [16] - Management highlighted the strong performance driven by realized gains from the intellectual property business and the integration of Revolution assets [7][14] Other Important Information - Total consolidated G&A expense was $17.3 million during the first quarter, an increase from $12.5 million in the same quarter last year, primarily due to the addition of Deflecto [22] - The company has zero capital commitments from a drilling perspective, allowing it to remain cash flow positive even in challenging price environments [11] Q&A Session Summary Question: Can you detail the total winnings from the WiFi portfolio? - Management indicated that since Q1 2023, approximately $178 million has been generated from the WiFi assets, with ongoing cases potentially adding more value [31] Question: Are you seeing prices coming down in M&A? - Management noted they are looking at three verticals: energy, industrials, and mature technology, with ongoing evaluations of acquisition opportunities [33][34] Question: What is the calculus on protecting tax attributes versus share buybacks? - Management confirmed they completed a $20 million buyback while monitoring tax attributes to determine the optimal time for further buybacks [40] Question: Does the recent settlement put pressure on the defendant in the $37 million judgment case? - Management expressed uncertainty but hoped that the recent settlement would encourage a quicker resolution [49]

Financial Performance - ConocoPhillips reported adjusted earnings of $2.7 billion, or $2.09 adjusted EPS for 1Q25[6, 10] - The company generated $5.5 billion in CFO and $2.1 billion in FCF, with an ending cash balance of $7.5 billion[6] - $2.5 billion was distributed to shareholders through $1.5 billion in share repurchases and $1.0 billion in ordinary dividends[6] Operational Highlights - Total company production was 2,389 MBOED, with Lower 48 production at 1,462 MBOED[8] - Completed $1.3 billion in noncore Lower 48 asset sales[6] Segment Performance - Lower 48 adjusted earnings were $1.697 billion in 1Q25[12] - Alaska adjusted earnings were $269 million in 1Q25[12] - Canada adjusted earnings were $256 million in 1Q25[12] Guidance - Full-year production guidance remains unchanged at 2.34 – 2.38 MMBOED[6, 24] - Full-year adjusted operating costs are guided to be $10.7B - $10.9B[24] - Full-year capital expenditures are expected to be $12.3B - $12.6B[24]

Financial Performance & Capital Allocation - The company returned $147 million to shareholders in 1Q 2025 through share repurchases and dividends[5, 24] - $47 million was used to repurchase 36 million shares of stock[5] - The company is targeting long-term debt of $10 billion[5, 7, 24] - The board authorized a $550 million share repurchase program[8] Production & Operations - 1Q 2025 production was 157 MBOEPD (thousands of barrels of oil equivalent per day)[19, 20] - Offshore production accounted for 709 MBOEPD, representing 45% of total production[19] - Eagle Ford Shale production was 254 MBOEPD, or 16% of total production[19] - Onshore Canada production was 609 MBOEPD, accounting for 39% of total production[19] Exploration & Development - The company encountered 106 feet of net oil pay at the Lac Da Hong-1X (Pink Camel) exploration well in Vietnam[5] - The Lac Da Vang (Golden Camel) field development project is targeting first oil in 4Q 2026, with development continuing through FY 2029[55] - The company is initiating a three-well exploration program in Côte d'Ivoire[73]

Financial Performance - Q1 2025 - Fire Safety revenue increased by 48% year-over-year, from $25155 thousand to $37163 thousand[15] - Fire Safety adjusted EBITDA saw a significant increase of 4285%, from -$241 thousand to $10085 thousand[15] - Specialty Products revenue increased by 3% year-over-year, from $33889 thousand to $34867 thousand[15] - Specialty Products adjusted EBITDA decreased by 35%, from $12377 thousand to $7998 thousand[15] - Consolidated revenue increased by 22%, from $59044 thousand to $72030 thousand[15] - Consolidated adjusted EBITDA increased by 49%, from $12136 thousand to $18083 thousand, with adjusted EBITDA margin increasing from 21% to 25%[15] Capital Structure and Allocation - Net debt to LTM adjusted EBITDA is 17x[22, 31] - The company had $2001 million in cash as of Q1 2025[22] - $82 million was spent on share buybacks in Q1 2025[18] - $100 million was allocated to M&A in Q1 2025[17]

Financial Data and Key Metrics Changes - Rental income for Q1 2025 was $11.7 million, a 2% decrease from $11.9 million in the prior year period, attributed to the disposition of two properties with expiring leases [14] - Adjusted funds from operations (AFFO) increased by 18% to $3.9 million compared to $3.3 million in the year-ago quarter, primarily due to a $195,000 increase in cash rental income and a $200,000 decrease in cash interest expense [14][15] - AFFO per diluted share rose to $0.33, up from $0.29 in the previous year, reflecting an increase in the weighted average number of fully diluted common shares outstanding [15] Business Line Data and Key Metrics Changes - The portfolio consists of 43 properties with an attractive weighted average lease term of 14.2 years, with 39 industrial properties representing 80% of annualized base rent (ABR) [16][17] - Annualized base rent totals $39.4 million as of March 31, 2025, with approximately 30% of tenants having an investment-grade credit rating [17] Market Data and Key Metrics Changes - Total cash and cash equivalents were $6.2 million, with $280 million of debt outstanding, consisting of $31 million in mortgages and $250 million in borrowings on a credit facility [17] - The company has no debt maturities until January 2027, and 100% of its indebtedness held a fixed interest rate with a weighted average of 4.27% [17] Company Strategy and Development Direction - The company is focused on maintaining a stable portfolio and is cautious about acquisitions in a volatile market, preferring to wait for compelling opportunities [20][24] - Management emphasizes risk management and discipline in investment decisions, indicating a narrow focus on specific manufacturing assets [24][25] - The company is exploring capital recycling opportunities rather than increasing leverage, indicating a preference for stability in its financial profile [100] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current market volatility and uncertainty, expressing confidence in the stability of their asset class and tenant performance [7][36] - Conversations with tenants indicate a cautious approach to capital placement due to market conditions, with potential opportunities for consolidation and expansion in the future [92][95] - The company remains committed to its long-term strategy, focusing on maintaining strong margins and effective expense controls [43][100] Other Important Information - The Board of Directors declared a cash dividend of $0.09 per share for April, May, and June 2025, representing an annualized yield of 8% based on the recent closing price [18] - Management has reduced headcount from 12 to 9 employees, which is expected to lower general and administrative expenses in future quarters [16] Q&A Session Summary Question: Can you talk about the cap rates that you're seeing on deals? - Cap rates are currently tighter than in previous quarters, with a sweet spot of 7.5% to 8.25%, but many assets are not compelling enough to justify purchases [47][48] Question: Were you considering doing deals under the ATM when shares were in the $16 range? - The company was in a blackout period and missed opportunities, but is constantly evaluating the market for potential equity issuance [54][56] Question: Any update on the sale of the Costco property? - The sale process is moving forward, with regular updates from the buyer, and the timeline remains on track [76][78] Question: Is there an expectation for more preferred share repurchases? - Future repurchases will depend on market conditions, but the company is open to opportunities if they arise [83][86] Question: What is the view on transaction activity among mid-market tenants? - Tenants are cautious due to macro uncertainty but are looking for opportunities, indicating potential future deal flow [92][95]

Financial Data and Key Metrics Changes - The company reported adjusted free cash flow for the first quarter of approximately $291 million, maintaining shareholder returns at 100% of free cash flow for the second consecutive quarter, repurchasing $216.5 million or about 2 million shares during the quarter [8][19] - The leverage ratio remained unchanged at about 0.3 times, indicating strong balance sheet strength [9][30] - Oil differentials in the first quarter averaged $2.3 below WTI, slightly weakening from the prior quarter but within the original guidance range [31] Business Line Data and Key Metrics Changes - First quarter oil volumes were above the top end of guidance, reflecting strong execution and well performance [7] - Operating expenses came in lower than expectations, driven by improvements in cost structure [7] - The company successfully drilled and completed its first four-mile lateral, achieving a total well cost approximately $1 million below the original budget [22][24] Market Data and Key Metrics Changes - Natural gas realizations were 63%, above the top end of guidance, benefiting from seasonally strong regional prices [31] - NGL realizations were 20% of WTI in the first quarter, just above the midpoint guidance [31] Company Strategy and Development Direction - The company plans to maintain a focus on share repurchases in the current environment, given the intrinsic value of shares relative to market prices [9] - The development plan includes a shift towards longer laterals, with a goal to convert over 80% of inventory to long laterals in the coming years, enhancing economic returns [16][92] - The company is committed to continuous improvement and efficiency, with initiatives aimed at reducing controllable costs across various business segments [13][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the pricing outlook has deteriorated and volatility has increased, but emphasized the company's operational and financial flexibility to navigate these conditions [9][19] - The company remains confident in its ability to generate significant free cash flow even at lower prices, supported by a strong balance sheet and low reinvestment rates [30][74] Other Important Information - The company announced a $30 million reduction to its full-year capital guidance, reflecting program efficiencies without impacting production targets [12][21] - The company plans to publish an updated sustainability report in the second half of the year, reflecting the integration of CORD and Enerplus [19] Q&A Session Summary Question: Activity levels and frac crew decisions for 2026 - Management indicated that the decision to bring back a second frac crew will depend on various factors, including oil prices and capital allocation opportunities [39][40] Question: Capital savings with the four-mile lateral program - Management expressed confidence in moving to a four-mile program quickly, citing positive results from initial wells [42][44] Question: Oil production cadence for 3Q and 4Q - Management anticipates oil production will fall as the company drops to a one crew program, with potential recovery if a second frac crew is added in the fourth quarter [46][47] Question: Maintenance capital for sustaining production rates - Management noted that maintaining a production rate of approximately 150,000 barrels per day would require a one and a half crew program [58] Question: Opportunities in marketing contracts and LOE - Management highlighted significant opportunities to renegotiate marketing contracts and improve LOE, which could positively impact free cash flow [62][66] Question: Potential footprint expansion with four-mile laterals - Management acknowledged that moving to four-mile laterals could open up previously uneconomic areas, improving overall returns [90][92]

Financial Data and Key Metrics Changes - Chord Energy reported adjusted free cash flow for Q1 2025 of approximately $291 million, maintaining shareholder returns at 100% of free cash flow for the second consecutive quarter [6][28] - The company repurchased $216.5 million worth of shares during the quarter, reducing its share count by approximately 9% since the Enerplus transaction [6][28] - Leverage remained unchanged at about 0.3 times, indicating strong balance sheet strength [7][9] Business Line Data and Key Metrics Changes - First quarter oil volumes exceeded guidance, reflecting strong execution and well performance [5] - Operating expenses were lower than expected, contributing to improved cost structure [5] - The company plans to reduce its frac crew count from two to one by early June, allowing for a more flexible operational approach [10][11] Market Data and Key Metrics Changes - Oil differentials averaged $2.3 below WTI in Q1, slightly weakening from the previous quarter but within guidance [29] - Natural gas realizations were 63%, above the top end of guidance, benefiting from strong regional prices [29] - Production taxes averaged 6.8% of commodity sales in Q1, below expectations, primarily due to a non-recurring refund for stripper wells [30] Company Strategy and Development Direction - The company is focused on increasing free cash flow through cost control and operational efficiencies, targeting approximately $3 billion in controllable costs [12] - Chord Energy aims to convert over 80% of its inventory to long laterals, which are expected to enhance economic returns and lower breakeven pricing [14][15] - The company is committed to sustainability initiatives, planning to publish an updated sustainability report later in the year [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a deteriorating pricing outlook and increased volatility but expressed confidence in the company's operational and financial flexibility [7][8] - The company has a strong foundation and significant flexibility to adjust operations as needed, built around modest mid-cycle oil price expectations [17] - Management emphasized the importance of continuous improvement and innovation to enhance capital productivity and margins [15][16] Other Important Information - The company successfully drilled and completed its first four-mile lateral well, achieving lower costs and encouraging initial production results [20][21] - A $30 million reduction in full-year capital guidance was announced, reflecting program efficiencies without impacting production targets [19][30] Q&A Session Summary Question: Activity levels and frac crew decisions for 2026 - Management indicated that the decision to bring back a second frac crew will depend on various factors, including oil prices and capital allocation opportunities [36][37] Question: Transition to four-mile laterals - Management expressed confidence in moving to a four-mile lateral program quickly, contingent on operational success and permitting processes [40][41] Question: Oil production cadence for Q3 and Q4 - Management anticipates a decline in oil production as the company reduces activity, with a potential recovery in 2026 if conditions improve [44][45] Question: Confidence in increasing four-mile lateral wells - Positive operational results from initial four-mile wells have led to increased confidence in expanding the program [48][50] Question: Maintenance capital and growth sustainability - Management indicated that maintaining production levels would require a specific crew count, with capital implications for future growth [55][56] Question: Marketing contracts and cost reduction opportunities - Management highlighted opportunities to renegotiate marketing contracts and improve operational efficiencies to lower cash costs [60][62] Question: Addressable market for four-mile laterals - Management discussed the potential for expanding inventory and improving breakeven costs through the adoption of longer laterals [66][68] Question: M&A activity and market conditions - Management noted that rapid price movements create challenges for M&A transactions, emphasizing the need for price stability [77][78]